Black Knight has announced that its Ernst Fee Monitoring Service is now integrated into the Black Knight Empower loan origination system (LOS).
The company said that the integration, which aims to ensure smoother closings and enhance user experience, further automates the process by providing fee updates on a nightly basis.
"The Ernst Fee Monitoring Service minimizes costly cures at closing and helps lenders better manage the settlement experience," said Rich Gagliano, president of Black Knight Origination Technologies. "Because it is integrated with Empower, lenders can more easily meet the TRID three-day disclosure requirement, create even greater efficiencies, and enhance consumer satisfaction by using a lights-out process for identifying, calculating and disclosing fee changes – something no other LOS on the market can provide."
The Ernst Fee Monitoring Service keeps track of real estate transaction fees for fee changes and alerts lenders to any changes that impact loans in their pipeline. Within 24 hours, the system automatically recalculates the transaction to the updated amount.
"At Black Knight, we continue to innovate in ways that bring direct value to our clients," Gagliano said. "By integrating the Ernst Fee Monitoring service into Empower, our lending clients will always have the most up-to-date fee information at their fingertips by way of a lights-out process that minimizes the risk of costly cures while increasing efficiencies."